Home » Exxon adds new board members amid activist pressure: WSJ
Exxon adds new board members amid activist pressure: WSJ
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Exxon Mobil Corp. added two new directors to its board Monday, as the beleaguered energy company tries to fend off calls for change from a pair of activist investors.
EXXON MOBIL CORP.
The Texas oil company said activist investor Jeffrey Ubben would join its board, along with Michael Angelakis, the chief executive officer of Atairos Group and former chief financial officer of Comcast Corp.
Exxon CEO Darren Woods said the new directors were part of a continuing effort to refresh the company’s board and reflected ongoing talks it is having with investors.
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“If you look at the changes we’ve been making, they are in response to the changing role of the industry as we head to a lower-carbon economy,” Mr. Woods said in an interview.
Exxon’s stock price was up nearly 5% in afternoon trading Monday.
Still, the board changes are unlikely to satisfy one of the activist investors targeting Exxon. Engine No. 1 LLC, an activist fund founded by technology investor Chris James late last year, said Monday that it is moving forward with a planned proxy fight for four board seats.